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Companhia Siderúrgica Nacional (SID)
NYSE:SID
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Companhia Siderúrgica Nacional
(NYSE:SID)
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Rating:55Neutral
Price Target:
$1.50
▼(-4.46% Downside)
The overall stock score of 55 reflects significant financial challenges, including high leverage and negative cash flow, which weigh heavily on the company's outlook. However, positive technical indicators and strong operational achievements in the latest earnings call provide some optimism. The high dividend yield offers potential appeal to income investors, but the negative P/E ratio and financial risks remain critical concerns.
Companhia Siderúrgica Nacional (SID) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.23B
Dividend Yield14.61%
Average Volume (3M)2.24M
Price to Earnings (P/E)―
Beta (1Y)1.14
Revenue Growth-5.79%
EPS Growth-5.30%
CountryUS
Employees24,924
SectorBasic Materials
Sector Strength58
IndustrySteel
Share Statistics
EPS (TTM)0.07
Shares Outstanding1,326,094,000
10 Day Avg. Volume3,148,662
30 Day Avg. Volume2,236,455
Financial Highlights & Ratios
PEG Ratio-0.01
Price to Book (P/B)0.96
Price to Sales (P/S)0.27
P/FCF Ratio3.75
Enterprise Value/Market Cap3.82
Enterprise Value/Revenue0.19
Enterprise Value/Gross Profit0.72
Enterprise Value/Ebitda1.04
Forecast
1Y Price Target
$1.30Price Target Upside-17.20% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Companhia Siderúrgica Nacional Business Overview & Revenue Model
Company DescriptionCompanhia Siderúrgica Nacional (CSN) is one of Brazil's largest integrated steel producers, operating in the steel, mining, cement, and logistics sectors. Founded in 1941, CSN produces a wide range of products, including flat and long steel products, iron ore, and cement, serving various industries such as construction, automotive, and manufacturing. The company is known for its operational efficiency and commitment to sustainability, leveraging advanced technologies in its production processes.
How the Company Makes MoneyCSN generates revenue primarily through the sale of steel products, which include flat steel (such as sheets and coils) and long steel (like bars and rods). The mining segment contributes significantly to its earnings through the extraction and sale of iron ore. Additionally, the cement division adds to the revenue stream by supplying construction materials. The company benefits from strategic partnerships with various sectors, including construction and automotive industries, which provide a consistent demand for its products. Fluctuations in global steel prices, demand from domestic and international markets, and operational efficiencies also significantly impact its earnings.
Companhia Siderúrgica Nacional Earnings Call Summary
Earnings Call Date:Nov 04, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Mar 11, 2026
Earnings Call Sentiment Positive
CSN's earnings call highlighted significant operational achievements across its mining, cement, and logistics segments, contributing to a strong quarter despite some challenges in cash flow and the steel market. The company's strategic focus on operational efficiency and financial discipline has led to record-breaking performance and a reduction in leverage. However, challenges such as high financial expenses and competition in the steel market remain areas of concern.Q3-2025 Updates
Positive Updates
Record-Breaking Operational Performance
CSN achieved historical operational records with a 26% growth in EBITDA to BRL 3.3 billion and a margin of 27%, marking a quarter-on-quarter growth of 330 basis points.
Mining Segment Milestone
CSN set a record by shipping over 12 million tons of iron ore, with sales volume increasing by 5% from the previous quarter and achieving a 57% growth in EBITDA.
Cement Segment Achievements
Cement sales volume reached the second highest in CSN's history with 3.6 million tons, achieving an EBITDA of BRL 388 million and a 29% margin, surpassing sector averages.
Logistics Segment Success
The logistics segment recorded its highest-ever freight and cargo volume on the railway network, achieving an EBITDA of BRL 550 million with a margin above 35%.
Leverage Reduction
For the third consecutive quarter, CSN reduced its leverage ratio to 3.1x, down from 3.5x at the end of the previous year.
Negative Updates
Negative Cash Flow
The adjusted cash flow was negative at BRL 815 million in Q3 2025, although it was an improvement from the previous quarter's negative BRL 1.4 billion.
Steel Market Challenges
The steel segment faced competition from imported materials, leading to a strategic shift towards competitive pricing to regain market share.
High Financial Expenses
CSN experienced higher financial expenses due to elevated interest rates, impacting its overall cash position.
Company Guidance
In the third quarter of 2025, CSN reported significant financial and operational achievements. The company saw a 26% year-over-year increase in EBITDA, reaching BRL 3.3 billion, with an EBITDA margin of 27%, up 330 basis points from the previous quarter. CSN's leverage ratio decreased to 3.1x, a reduction from 3.5x at the end of the previous year, demonstrating robust financial discipline. In mining, CSN achieved a record shipment of over 12 million tons, resulting in a 57% EBITDA growth to BRL 1.9 billion and a gross margin of 44%. The steel segment experienced the lowest production costs in four years, and the cement segment witnessed a historic sales volume of over 3.6 million tons, reflecting a 29% EBITDA margin. Additionally, the logistics segment reported record EBITDA of BRL 550 million with a margin exceeding 35%, and the energy segment generated BRL 54 million in EBITDA at a 35% margin. These outcomes underscore CSN's operational excellence, cost optimization, and strategic market adaptability across its diverse business operations.Companhia Siderúrgica Nacional Financial Statement Overview
Summary
Companhia Siderúrgica Nacional faces significant financial challenges, with declining revenues, negative profitability, and high leverage. The company struggles with liquidity, as evidenced by negative free cash flow growth and high debt levels. While operational margins have decreased, the company needs to address its leverage and improve cash flow management to stabilize its financial position.Income Statement
The income statement shows a declining trend in revenue with a significant decrease in revenue growth rate at -42% TTM. Gross profit margin is relatively stable at around 26-27%, but the company is experiencing negative net profit margins, indicating losses. EBIT and EBITDA margins have decreased over the years, reflecting reduced operational efficiency.45
Neutral
Balance Sheet
The balance sheet reveals a high debt-to-equity ratio of 4.14 TTM, indicating significant leverage and potential financial risk. The return on equity is negative, reflecting the company's inability to generate profit from shareholders' equity. The equity ratio is not provided, but the high leverage suggests a lower proportion of equity in the capital structure.40
Negative
Cash Flow
Cash flow analysis shows negative free cash flow growth and a negative free cash flow figure TTM, highlighting liquidity challenges. The operating cash flow to net income ratio is low, indicating weak cash generation relative to reported losses. The free cash flow to net income ratio is positive but low, further emphasizing cash flow issues.35
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 44.69B | 43.69B | 45.44B | 44.36B | 47.91B | 30.06B |
| Gross Profit | 11.78B | 11.70B | 11.30B | 13.31B | 22.07B | 10.94B |
| EBITDA | 8.23B | 7.28B | 8.58B | 10.07B | 23.08B | 9.69B |
| Net Income | -2.34B | -2.59B | -318.21M | 2.17B | 12.26B | 3.79B |
Balance Sheet | ||||||
| Total Assets | 101.07B | 103.91B | 91.53B | 85.35B | 79.38B | 63.00B |
| Cash, Cash Equivalents and Short-Term Investments | 19.16B | 24.22B | 17.55B | 13.45B | 19.30B | 13.73B |
| Total Debt | 52.64B | 57.75B | 45.59B | 41.61B | 33.12B | 35.80B |
| Total Liabilities | 83.43B | 88.45B | 71.84B | 63.54B | 56.00B | 51.75B |
| Stockholders Equity | 14.69B | 12.27B | 17.50B | 19.49B | 20.31B | 9.91B |
Cash Flow | ||||||
| Free Cash Flow | -211.06M | 3.16B | 2.88B | -3.33B | 13.57B | 7.89B |
| Operating Cash Flow | 5.61B | 8.65B | 7.29B | 2.04B | 16.43B | 9.58B |
| Investing Cash Flow | -1.76B | -1.12B | -4.59B | -11.45B | 447.93M | -1.86B |
| Financing Cash Flow | -1.02B | -103.83M | 1.32B | 4.75B | -8.53B | 1.19B |
Companhia Siderúrgica Nacional Technical Analysis
Neutral
1.57
Price Trends
1.56
Positive
1.49
Positive
1.53
Positive
Market Momentum
0.02
Positive
44.58
Neutral
12.39
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SID, the sentiment is Neutral. The current price of 1.57 is below the 20-day moving average (MA) of 1.63, above the 50-day MA of 1.56, and above the 200-day MA of 1.53, indicating a neutral trend. The MACD of 0.02 indicates Positive momentum. The RSI at 44.58 is Neutral, neither overbought nor oversold. The STOCH value of 12.39 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SID.
Companhia Siderúrgica Nacional Risk Analysis
Companhia Siderúrgica Nacional disclosed 41 risk factors in its most recent earnings report. Companhia Siderúrgica Nacional reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
1.
Cement is a perishable product and failure to carefully store and distribute it may result in losses for our cement subsidiary and us. Q4, 2023
Companhia Siderúrgica Nacional Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $7.05B | 12.29 | 4.80% | 7.53% | -16.69% | 585.38% | |
71 Outperform | $6.77B | 13.63 | 5.21% | 3.07% | -2.53% | -36.08% | |
70 Neutral | $6.37B | 77.32 | 1.99% | 1.25% | -1.61% | -81.36% | |
66 Neutral | $4.62B | 23.68 | 5.84% | ― | -16.81% | -67.68% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
55 Neutral | $2.23B | -5.50 | -10.50% | 14.61% | -5.79% | -5.30% | |
51 Neutral | $5.99B | ― | -27.16% | ― | -6.76% | -255.94% |
* Basic Materials Sector Average
SID
Companhia Siderúrgica Nacional
1.57
-0.40
-20.30%
CLF
Cleveland-Cliffs
10.43
-2.44
-18.96%
CMC
Commercial Metals Company
58.77
-2.61
-4.25%
GGB
Gerdau SA
3.57
0.11
3.18%
SIM
Grupo Simec SA De CV
29.58
3.13
11.83%
TX
Ternium SA
36.29
3.92
12.11%
Companhia Siderúrgica Nacional Corporate Events
Companhia Siderúrgica Nacional Releases Interim Financial Report for June 2025
Aug 15, 2025
On July 31, 2025, Companhia Siderúrgica Nacional released its interim financial information for the period ending June 30, 2025. The independent auditor’s review concluded that the company’s financial statements were prepared in accordance with applicable standards and regulations, showing no discrepancies. This report provides a comprehensive overview of the company’s financial health, which is crucial for stakeholders and investors to assess its current market position and future prospects.
CSN Reduces Stake in Usiminas with Significant Share Sale
Aug 6, 2025
On August 5, 2025, Companhia Siderúrgica Nacional announced the sale of 36,235,837 common shares and 472,200 preferred shares of Usinas Siderúrgicas de Minas Gerais S.A. (Usiminas), reducing its stake in Usiminas to 4.99% of both common and preferred shares. This strategic move may impact CSN’s financial positioning and influence its market strategy, as the company plans to keep stakeholders informed of any further developments.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.